FULLERTON : Council OKs Loans to Upgrade Buildings
The City Council has unanimously approved a loan program to upgrade buildings in the downtown area in order to meet new earthquake standards adopted in March.
The Redevelopment Agency proposed the loans as an incentive for property owners to make repairs by 1994 to those buildings that city engineers deem hazardous, according to agency manager Terry Galvin. The repair schedule was approved at Tuesday night’s council meeting.
Under the program, building owners will receive a $25,000 deferred loan that must be repaid when the property is sold. If rehabilitation costs exceed that amount, they are eligible for an additional $25,000 to $100,000, but the owner must come up with matching funds. This additional, interest-free financing requires repayment over a 10-year period beginning two years after completion of the work.
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